HomeMy WebLinkAbout#06 - Inwood 6th Addition Security Release STAFF REPORT
DATE: November 19, 2024
CONSENT
AGENDA ITEM: Approve Security Release for Inwood 6th Addition (Kwik Trip)
SUBMITTED BY: Jack Griffin, City Engineer
REVIEWED BY: Nicole Miller, City Administrator
Jason Stopa, Community Development Director Marty Powers, Public Works Director
Clarissa Hadler, Finance Director
Chad Isakson, Assistant City Engineer
ISSUE BEFORE COUNCIL: Should the City Council approve a security release for Inwood 6th
Addition?
PROPOSAL DETAILS/ANALYSIS: Staff has received and processed a request to release the
development security for the Inwood 6th Addition. This reduction includes the release of warranty security
as the warranty period has expired and all corrective work has been completed. This request has been
reviewed and is being recommended for approval in accordance with the approved Development
Agreement. The approval is contingent on the developer having a positive escrow balance in the minimum
amount required by the city, and the developer being current with all payments and obligations required by
the Development Agreement. The Development Security amounts are recommended to be reduced as
follows:
Current Security Amount Proposed Security Amount
1. Inwood 6th Addition $68,626 $ 0
This release fully closes out the subdivision improvements and releases all securities on the development.
FISCAL IMPACT: Release of the warranty security closes out the subdivision improvements. The
operation and maintenance of the public facilities becomes the responsibility of the city going forward.
RECOMMENDATION: Staff is recommending that the City Council, as part of the Consent Agenda,
approve the release of warranty security for Inwood 6th Addition, contingent on the developer being current
with all Development Agreement payments and obligations, including a positive escrow balance as required
by the City. If removed from the consent agenda, the recommended motion for the action is as follows:
“Move to approve the release of the warranty security for the Inwood 6th Addition, contingent on the
developer being current with all payments and obligations in accordance with the Development
Agreement.”
ATTACHMENTS:
1. Security Reduction Worksheet – Inwood 6th Addition.
INWOOD 6TH ADDITION Time of Performance: October 31, 2020DEVELOPMENT AGREEMENT AMOUNTSCATEGORY CONSTRUCTION 125% REMARKS #1 #2 #3 #4 #5 #6Grading $162,442 $203,053 $203,053Sanitary Sewer NA NAPrivate ownedWatermain $57,860 $72,325 $72,325Storm Sewer$13,635 $17,044 $12,783 $4,261Streets $58,885 $73,606Includes demolition$55,205 $18,402Trails NA NASurface Water Facilities NA NAStreet Lighting NA NAStreet Signs and Traffic Control Signs NA NALandscaping $29,503 $36,878 $36,878Tree Preservation and Restoration NA NAWetland Mitigation and Buffers NA NAMonuments $600 $750 $563 $188Erosion and Sedimentation Control$23,472 $29,340 $22,005 $7,335Miscellaneous Facilities NA NARecord Drawings $5,000 $6,250 $4,688 $1,563TOTALS $351,397 $439,246RELEASED AMOUNTS:$370,621 $68,626CUMMULATIVE AMOUNTS:$370,621 $439,246SECURITY AMOUNT REMAINING:$68,626 $0DATE:2/7/2023 11/19/2024REDUCTIONS